We present ALLSMOG , the APEX Low-redshift Legacy Survey for MOlecular Gas . ALLSMOG is a survey designed to observe the CO ( 2 - 1 ) emission line with the APEX telescope , in a sample of local galaxies ( 0.01 < z < 0.03 ) , with stellar masses in the range 8.5 < log ( M * /M _ { \sun } ) < 10 . This paper is a data release and initial analysis of the first two semesters of observations , consisting of 42 galaxies observed in CO ( 2 - 1 ) . By combining these new CO ( 2 - 1 ) emission line data with archival H i  data and SDSS optical spectroscopy , we compile a sample of low-mass galaxies with well defined molecular gas masses , atomic gas masses , and gas-phase metallicities . We explore scaling relations of gas fraction and gas consumption timescale , and test the extent to which our findings are dependent on a varying CO/H _ { 2 } conversion factor . We find an increase in the H _ { 2 } /H i  mass ratio with stellar mass which closely matches semi-analytic predictions . We find a mean molecular gas fraction for ALLSMOG galaxies of M _ { H 2 } /M _ { * } = ( 0.09 - 0.13 ) , which decreases with stellar mass . This decrease in total gas fraction with stellar mass is in excess of some model predictions at low stellar masses . We measure a mean molecular gas consumption timescale for ALLSMOG galaxies of 0.4 - 0.7 Gyr . We also confirm the non-universality of the molecular gas consumption timescale , which varies ( with stellar mass ) from \sim 100 Myr to \sim 2 Gyr . Importantly , we find that the trends in the H _ { 2 } /H i  mass ratio , gas fraction , and the non-universal molecular gas consumption timescale are all robust to a range of recent metallicity-dependent CO/H _ { 2 } conversion factors .